Southern Migration
Home prices are still rising in many U.S. cities despite higher mortgage rates pricing many potential buyers out of the market, according to data from the National Association of Realtors. Though you might expect home prices to continue to accelerate in competitive markets in California or New York, most of the metro areas with the largest increases in year-over-year home values in 2022 were in the South, attracting homebuyers seeking warmer climates and greater affordability. Those cities dominated the list of the Top 10 hottest housing markets in the U.S., as ranked by the annual change in median home price.